World Tin Market Little Progress

November 16, 1985|By Deanne Brandon

The International Tin Council adjourned Friday after failing to solve a financial crisis that has paralyzed trading in the metal, hurt the economies of producer nations and threatened creditors with millions of dollars in losses. Delegates reported little progress in rescuing the cartel, which had supported the price of tin by buying up surplus until Oct. 24, when it ran out of money. Trading on all recognized tin markets, including the leading London Metal Exchange, was halted Oct. 24 and remains suspended. The tin council owes $485.64 million to 14 banks and two brokers.